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Updated almost 11 years ago,
Military member with a rental property
I am a military member who owns a home in Texas. I lived in that home as my primary residence from September 2005-August 2009. At that time I received orders outside of a 50 mile radius (Japan to be exact) and moved. At the time of the move I decided to keep the home and turn it into a rental property. I am looking to sell this home this spring of 2014. My question is this:
1) Being that I am an active duty military member, I believe that I qualify for the 5 year test period suspended (reference IRS Publication 3, page 12) and fall in to the 10 year suspension period. However, since I have rented out my property from September 2009-present, do I really fall under this clause or am I different because I used this property as a rental for that period of time?
Please let me know if you need additional information on this question in order to answer in a more clear manner. Thanks for your time.
Adam